The NZDCAD tests the support – Analysis – 31-5-2023

The NZDCAD pair formed more correctional bearish waves, affected by stochastic negativity, to notice its consolidation near the key support 0.8170, while the upcoming scenario depends on the strength of this support line, as its stability allows us to expect renewing the bullish attempts gradually to target 0.8260 followed by attempting to press on 0.8340 that forms the key to resume the bullish attack.

On the other hand, facing continuous negative pressures and crawling below the mentioned major support will force it to resume the decline and suffer new losses that might start at 0.8125 followed by 0.8060.

The expected trading range for today is between 0.8170 and 0.8260

The expected trend for today: Bullish